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The Championship club's ongoing struggles represent a a "major concern" and the independent regulator is looking to gain the ability to examine team situations in comparable cases, its new chair David Kogan has declared.

In a wide-ranging interview, the chairman, who was appointed on Monday, voiced concern towards supporters of the Owls.

The regulator engaged with four supporters' associations representing the South Yorkshire club recently.

The football club have been experiencing difficulties in multiple areas in the current year, with the club delaying salary disbursements on multiple instances, including in September.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a major challenge for the sport," the chairman stated.

"The club represents one of the great brands for English football and this week we have met fan representatives.

"Our aim is to acquire the ability... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they need to be investigated and dealt with."

Monetary Issues and Proprietorship Status

The club's controversial proprietor the current owner stated during the off-season he would be willing to sell up at the stadium, but he has not been able to secure a deal with prospective buyers.

Missed wage deadlines on time in March and May led to sanctions by the league officials in summer, blocking the team from conducting any player acquisitions for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

The regulator explained: "Our role exists to serve the Owls followers, other clubs in similar situations where fans are dedicated to a regional establishment that has existed throughout their lifetimes in numerous instances.

"I have absolute sympathy for the team's plight, as I do for all the clubs that in modern times have encountered failure, or approached financial ruin, for causes separate from the supporters."

Questioned about whether the oversight body could require an proprietor to divest a club if they are considered unfit, Kogan said: "If your question is 'would we intervene in the final instance?', the answer is once we assemble the facts and know what's going on, we will."

But the regulator clarified that compelling proprietors to divest clubs would be treated as a "last resort" and the authority would rather to cooperate with proprietors.

"The final option we would consider is begin intervening in an individual club, an particular chairman, without being able to work with that owner to try and resolve the challenges confronting the team and the owner's facing," the regulator explained.

"But the truth is, when you look back over the history of the game, over the last 20 or 30 years there have been certain proprietors, a small minority, but some who have been irresponsible in the way which they've been managing their clubs and ultimately decline to assume obligation for the future."

'Errors may undo substantial development'

The chairman convened with officials from numerous teams to lay out the remit of the regulator on Wednesday and stated it constituted a "proactive meeting" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the remarkable development accomplished might evaporate swiftly," Kogan said.

"And that's what nobody wants in the terms of English football is a substantial accomplishment - we need to continue the progress.

"Considerable investment coming into football and has been invested for the last 20 or 25 years, because certainty is lacking it will keep flowing into the sport, which is one of the reasons why I think we have to take a really clear view on challenges and obviously, of the next two or three years."

Elite Division Worries

Elite division representatives objected to the establishment of an oversight body because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I fully support the achievement and development as an financial organization of the top division.

"As someone who appreciates the apprehension regarding damaging the Premier League as a premium product of this country. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a significant degree of comfort -and, actually, they have been telling us in private they have a considerable comfort."

Political Connections

Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he acknowledged providing funds to the political party in recent years.

The 68-year-old provided financial support for government minister the politician's campaign, along with that of the current Prime Minister.

"I have fully disclosed my past party membership [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," the chairman stated.

"I am presently disconnected from any type of partisan engagement."